Commercial Real Estate Investment Strategies: Tips for Doing Your Own Research
Years ago when I first got started in commercial real estate, there were various things I did to become success. The one thing which has made all the difference is doing market research.
Now, before I start discussing tips on doing market research, it helps to do one thing:
Focus.
Focus first on the type of commercial property you want to invest in and second, focus on the area you want to buy property. This is key.
Do this will save you a lot of time, energy and expense. Because you want barrow your universe of possibilities so that it is manageable and easy to not only accomplish, but keep up-to-date with.
You can not be an expert in all things. And what you’ll discover in commercial real estate is that the best investors are experts in their area of focus.
No matter whether that’s multi-family, industrial, warehouses, or whatever type of incoming producing property you are passionate about.
It pays to stick with it and learn it like “the back of your hand” as they say.
Now, in terms of market research, here are some tips I have learned over the years:
1. The first tip is sounds rather plain and unsophisticated… be organized. The most organized investor usually is the most prepared investor. Your level of organization will dictate the amount of information you can easily and quickly assimilate.
2. The second tip is to put out your feelers. Pull your research from a variety of sources and people. In other words, relying on one or two sources is hazardous to your wealth.
3. The third tips is to as much as possible or that time will allow, do your own research. Sure, you can hire professionals, but these professionals don’t have a vested interest in your success. You do. Use the professionals as sounding boards, as people to stimulate your idea generation. Use them to validate your assumptions. But never rely on their opinion solely
4. Go out into your market and study it, survey it and analyze it. Again, do this yourself. It pays huge dividends over time, because your start to develop contacts and more importantly intuition about various trends you should be aware of. One of the by products is you’ll be presented with opportunity after opportunity simply because you are in the right place at the right time and prepared enough to capitalize upon the opportunity.
5. The fifth tip is to use a clipping service. These are very inexpensive services where people will clip out articles out of the newspapers which are associated with the market you are interested. Usually they have access to all sorts of magazines and journals, plus local papers. If a clipping services is too expensive, then pay local person who wants to work at home.
6. The six tip is to read the building and zoning codebooks and maps. They are extremely useful understanding the market you want to pursue.
7. The seven tip is to take the real estate editors and reporters out to lunch. Pick up their tab when you do. And pick their brain while you are at it. You’ll find they have a wealth of information which is almost useless to them but very profitable for you. Sometimes it may even pay to employ them as researchers. Because they understand the market as well as the information they need to collect.
8. The last tip again sound rather plain: Don’t stop. Turn the research process into a lifelong passion. Before you know it, you’ll soon be an expert in the market of your choice.
The goal is simple: To collect as much useful, current, relevant, up-to-date and accurate information about the market as possible. Have your finger on the pulse market and you’ll do exceedingly well in your commercial real estate investments.
Now, before I start discussing tips on doing market research, it helps to do one thing:
Focus.
Focus first on the type of commercial property you want to invest in and second, focus on the area you want to buy property. This is key.
Do this will save you a lot of time, energy and expense. Because you want barrow your universe of possibilities so that it is manageable and easy to not only accomplish, but keep up-to-date with.
You can not be an expert in all things. And what you’ll discover in commercial real estate is that the best investors are experts in their area of focus.
No matter whether that’s multi-family, industrial, warehouses, or whatever type of incoming producing property you are passionate about.
It pays to stick with it and learn it like “the back of your hand” as they say.
Now, in terms of market research, here are some tips I have learned over the years:
1. The first tip is sounds rather plain and unsophisticated… be organized. The most organized investor usually is the most prepared investor. Your level of organization will dictate the amount of information you can easily and quickly assimilate.
2. The second tip is to put out your feelers. Pull your research from a variety of sources and people. In other words, relying on one or two sources is hazardous to your wealth.
3. The third tips is to as much as possible or that time will allow, do your own research. Sure, you can hire professionals, but these professionals don’t have a vested interest in your success. You do. Use the professionals as sounding boards, as people to stimulate your idea generation. Use them to validate your assumptions. But never rely on their opinion solely
4. Go out into your market and study it, survey it and analyze it. Again, do this yourself. It pays huge dividends over time, because your start to develop contacts and more importantly intuition about various trends you should be aware of. One of the by products is you’ll be presented with opportunity after opportunity simply because you are in the right place at the right time and prepared enough to capitalize upon the opportunity.
5. The fifth tip is to use a clipping service. These are very inexpensive services where people will clip out articles out of the newspapers which are associated with the market you are interested. Usually they have access to all sorts of magazines and journals, plus local papers. If a clipping services is too expensive, then pay local person who wants to work at home.
6. The six tip is to read the building and zoning codebooks and maps. They are extremely useful understanding the market you want to pursue.
7. The seven tip is to take the real estate editors and reporters out to lunch. Pick up their tab when you do. And pick their brain while you are at it. You’ll find they have a wealth of information which is almost useless to them but very profitable for you. Sometimes it may even pay to employ them as researchers. Because they understand the market as well as the information they need to collect.
8. The last tip again sound rather plain: Don’t stop. Turn the research process into a lifelong passion. Before you know it, you’ll soon be an expert in the market of your choice.
The goal is simple: To collect as much useful, current, relevant, up-to-date and accurate information about the market as possible. Have your finger on the pulse market and you’ll do exceedingly well in your commercial real estate investments.
Years ago when I first got started in commercial real estate, there were various things I did to become success. The one thing which has made all the difference is doing market research.
Now, before I start discussing tips on doing market research, it helps to do one thing:
Focus.
Focus first on the type of commercial property you want to invest in and second, focus on the area you want to buy property. This is key.
Do this will save you a lot of time, energy and expense. Because you want barrow your universe of possibilities so that it is manageable and easy to not only accomplish, but keep up-to-date with.
You can not be an expert in all things. And what you’ll discover in commercial real estate is that the best investors are experts in their area of focus.
No matter whether that’s multi-family, industrial, warehouses, or whatever type of incoming producing property you are passionate about.
It pays to stick with it and learn it like “the back of your hand” as they say.
Now, in terms of market research, here are some tips I have learned over the years:
1. The first tip is sounds rather plain and unsophisticated… be organized. The most organized investor usually is the most prepared investor. Your level of organization will dictate the amount of information you can easily and quickly assimilate.
2. The second tip is to put out your feelers. Pull your research from a variety of sources and people. In other words, relying on one or two sources is hazardous to your wealth.
3. The third tips is to as much as possible or that time will allow, do your own research. Sure, you can hire professionals, but these professionals don’t have a vested interest in your success. You do. Use the professionals as sounding boards, as people to stimulate your idea generation. Use them to validate your assumptions. But never rely on their opinion solely
4. Go out into your market and study it, survey it and analyze it. Again, do this yourself. It pays huge dividends over time, because your start to develop contacts and more importantly intuition about various trends you should be aware of. One of the by products is you’ll be presented with opportunity after opportunity simply because you are in the right place at the right time and prepared enough to capitalize upon the opportunity.
5. The fifth tip is to use a clipping service. These are very inexpensive services where people will clip out articles out of the newspapers which are associated with the market you are interested. Usually they have access to all sorts of magazines and journals, plus local papers. If a clipping services is too expensive, then pay local person who wants to work at home.
6. The six tip is to read the building and zoning codebooks and maps. They are extremely useful understanding the market you want to pursue.
7. The seven tip is to take the real estate editors and reporters out to lunch. Pick up their tab when you do. And pick their brain while you are at it. You’ll find they have a wealth of information which is almost useless to them but very profitable for you. Sometimes it may even pay to employ them as researchers. Because they understand the market as well as the information they need to collect.
8. The last tip again sound rather plain: Don’t stop. Turn the research process into a lifelong passion. Before you know it, you’ll soon be an expert in the market of your choice.
The goal is simple: To collect as much useful, current, relevant, up-to-date and accurate information about the market as possible. Have your finger on the pulse market and you’ll do exceedingly well in your commercial real estate investments.
Now, before I start discussing tips on doing market research, it helps to do one thing:
Focus.
Focus first on the type of commercial property you want to invest in and second, focus on the area you want to buy property. This is key.
Do this will save you a lot of time, energy and expense. Because you want barrow your universe of possibilities so that it is manageable and easy to not only accomplish, but keep up-to-date with.
You can not be an expert in all things. And what you’ll discover in commercial real estate is that the best investors are experts in their area of focus.
No matter whether that’s multi-family, industrial, warehouses, or whatever type of incoming producing property you are passionate about.
It pays to stick with it and learn it like “the back of your hand” as they say.
Now, in terms of market research, here are some tips I have learned over the years:
1. The first tip is sounds rather plain and unsophisticated… be organized. The most organized investor usually is the most prepared investor. Your level of organization will dictate the amount of information you can easily and quickly assimilate.
2. The second tip is to put out your feelers. Pull your research from a variety of sources and people. In other words, relying on one or two sources is hazardous to your wealth.
3. The third tips is to as much as possible or that time will allow, do your own research. Sure, you can hire professionals, but these professionals don’t have a vested interest in your success. You do. Use the professionals as sounding boards, as people to stimulate your idea generation. Use them to validate your assumptions. But never rely on their opinion solely
4. Go out into your market and study it, survey it and analyze it. Again, do this yourself. It pays huge dividends over time, because your start to develop contacts and more importantly intuition about various trends you should be aware of. One of the by products is you’ll be presented with opportunity after opportunity simply because you are in the right place at the right time and prepared enough to capitalize upon the opportunity.
5. The fifth tip is to use a clipping service. These are very inexpensive services where people will clip out articles out of the newspapers which are associated with the market you are interested. Usually they have access to all sorts of magazines and journals, plus local papers. If a clipping services is too expensive, then pay local person who wants to work at home.
6. The six tip is to read the building and zoning codebooks and maps. They are extremely useful understanding the market you want to pursue.
7. The seven tip is to take the real estate editors and reporters out to lunch. Pick up their tab when you do. And pick their brain while you are at it. You’ll find they have a wealth of information which is almost useless to them but very profitable for you. Sometimes it may even pay to employ them as researchers. Because they understand the market as well as the information they need to collect.
8. The last tip again sound rather plain: Don’t stop. Turn the research process into a lifelong passion. Before you know it, you’ll soon be an expert in the market of your choice.
The goal is simple: To collect as much useful, current, relevant, up-to-date and accurate information about the market as possible. Have your finger on the pulse market and you’ll do exceedingly well in your commercial real estate investments.
posted by zzzzzzzzzzz at
3:26 AM
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